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Role of insurance in disaster risk reduction

TODAY, I will be writing about the First Virtual Summit of the Philippine Insurance Industry, which was held last July 21 and 22, 2021. This summit has been held for the last 15 years mostly in the Dusit Hotel in Makati City.

It attracted many participants from both the local and foreign markets. It provided an opportunity to meet and greet one another and exchange business on the side. Unfortunately, the pandemic prevented this much-awaited event from happening.

But not to easily give up, the organizers namely, Insurance Philippines and the Insurance Institute for Asia and the Pacific, decided to hold a virtual summit with the theme of "Climate change, cyber risks and other unpredictable risks: Can the insurance industry deal with these challenges?"

Updates on the life insurance industry were presented by the Philippine Life Insurance Association president Benedict Sison. The life insurance companies showed modest growth in 2020 and 2019 in premium income, total assets and investments. Net income was down by 16 percent but the industry is expected to recover this year. The nonlife or general insurance report was presented by the Philippine Insurers and Reinsurers' Association (PIRA) chairman Allan Santos. Reductions in gross premiums and net premiums (after reinsurance) amounting to 16 percent and 15 percent, respectively, were caused by the slowdown in business when the pandemic came in 2020.


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